Right Shares of NGPL and BARUN in SEBON Pipeline; Companies to Issue Massive 150% and 100% Right Share Respectively

Securities Exchange Board of Nepal (SEBON) has added right shares of two companies to its pipeline under preliminary review, worth a total of Rs. 1.32 Arba.

One amongst the two companies is Ngadi Group Power Limited (NGPL). The hydropower company is looking to issue 150% right shares worth Rs. 1.06 Arba through issue of 10,603,986 (1 :1.5) units right shares to its existing shareholders. The current paid up capital which is at Rs. 70,69,32,400 crore as of the second quarter of FY 77/78, will increase to Rs. 1.77 Arba after the proposed issue.

Siddhartha Capital is appointed as the issue manager.

Ngadi Group Power Limited began as a private limited business in February 2006 and was changed to a public limited company in June 2014 to allow for public participation. The 4950 KW Siuri Khola Hydropower Project, located in Bhulbhule VDC in Lamjung District in Western Nepal, is NGPL's only operational hydropower project. It began commercial operation in mid-October 2012.

Another company is Barun Hydropower Company Limited (BARUN). The hydrpower company is looking to issue 100% right shares worth Rs. 26.79 Crore through issue of 2,679,075 (1 :1) units right shares to the existing shareholders.

RBB Merchant Banking Limited is appointed as the issue manager

Barun Hydropower Company Ltd. (Earlier Barun Hydropower Development Company Pvt. Ltd) is a limited liability company registered under the Company Act 2063 with an Authorized Share Capital of Rs 60 Crores. It has a paid up 26.79 crore. The company has in operation of 4.5 MW hydroelectricity project known as "Hewakhola Hydropower Project" at Sankhuwashava district.

Both these issues are currently under preliminary review from SEBON.